Our Stock Pick Of The Month For November 2025 Is Pasofino Gold (TSX.V:VEIN) – David Skarica

Pasofino Gold:  TSX.V:VEIN

Our stock pick of the month for November 2025 is Pasofino Gold  

With gold prices skyrocketing to nearly $4,000 an ounce it is tough to find cheap near production plays. With gold at these levels, investors are willing to pay premiums for potential cash flow and profits that will come from production.

Small producers or near production companies are mostly trading in the hundreds of millions of market cap or more. In addition, with higher gold prices and a dearth of exploration being spent by mid tiers and larger caps in recent years, companies will be looking for additional future production projects to add to cash flow, production, ounces in the ground and profits. I expect a lot of M and A going forward in the small cap and mid-tier space.

Recently, CDE announced a near $7 billion dollar takeover for NewGold NGD.   NewGold is producing about 450k ounces of gold in 2025 and has the potential to increase this. With CDE’s stock price soaring this year it gave them the ability to use their stock as currency to take over NewGold and increase their own production profile. 

There will be many more mid-tiers that take over these smaller producers as well.

Pasofino’s main property is the Dugbe Gold Project located in Liberia.  Despite its historical problems in 2001, that ended in 2003 with a civil war; Liberia is now one of the most stable mining jurisdictions in Africa, and a leading jurisdiction in West Africa. 

Pasofino has a 25 year Mineral Development Agreement (“MDA”), signed in 2019 and it basically provides for the government 10% ownership, tax framework and structure and the company’s community obligations until 2044.  The MDA can be renewed by mutual agreement for a subsequent 25 years, should the resource development deliver a life of mine plan to carry Pasofino for time after the expiration.

The company possesses a near 3.9-million-ounce total gold resource including 3.3M oz gold in the Measured and Indicated category converting 2.7M oz gold into Proven and Probable, captured in the current life of mine plan, as illustrated in the 2022 Feasibility Study.  There are an additional 600K oz gold in the Inferred category 

From the 2022 Feasibility Study, there is an estimated mine life of over 14 years, with an average production of roughly 171K oz of gold a year, with over 200,000oz gold per year for the first 5 years of commercial production. This was calculated back in 2022 when the gold price was trading near 1,600 dollars an ounce, so the amount of cash flow and profits generated is obviously much higher with gold near $4,000 an ounce as I write in November 2025.

Management – Brett Richards CEO 

Brett has 37 years of extensive experience in the mining and metals industry. • Accomplished mining executive with a proven track record in operational management, project development, construction, and corporate business development. Currently serves as a director for Nickel 28 Capital Corp., GoldX2 Inc., and Midnight Sun Mining. 

Brett has a proven track record in operational management, project development, construction, and corporate business development. Richards has held multiple CEO roles in West Africa and led the construction and commissioning of three mines, two in West Africa and the third in the Democratic Republic of Congo.

Richards also is incentivized, taking down hundreds of thousands of dollars of the first 70 cent private placement, and his family office has invested over CA$1M into the stock in the past 12 months, and he holds another 1 million options of stock at 0.60. 

Finances and Corporate Structure

The company is well financed having just completed a 12-million-dollar financing. Insiders took over CA$6.4M of this with board members taking on over CA$700K worth of stock. 

The corporate share structure is much tighter than it appears on the surface. Fully diluted there is roughly 194 million shares issued and outstanding. However, over half of these are owned by a large shareholder in the company (Mansa Resources) which owns approximately 50.9 percent of the company. In addition, much of the other shares are large insider or shareholder positions. Therefore, the shares that are really trading in the free trade float are much, much lower than is shown on the public structure (c.20%).

Cheap Near Production Play 

Let’s look at the value in this company. At the current stock price the company trades at roughly $20 USD per ounce in the ground. This is NOT an early stage exploration company, this is an advanced project will a full feasibility study that should go into production in roughly 36 months. Many companies with similar resource sizes that are near production trade at hundreds of dollars per ounce in the ground. 

In addition, at a $4,000 gold price the company will be generating roughly CA$500 million dollars a year in cash flow for 14 years. This is nearly $7 billion dollars of free cash flow over the life of mine. Trading at a fully diluted market cap of about $100 million we can see just how cheap this company is. 

I have enclosed some of the key metrics and numbers for the company below

Mineral Resource Estimated

Notes:

• Pre-tax NPV5% of USD690M (USD524M post-tax),using US$1,700 Au price
• 26.4% IRR (23.6% post-tax) using US$1,700 Au price Life of Mine (LOM) AISC 1,005 USD/oz

Initial Capital:

• 29 USD/t of ore cash cost
• Pre-production capital of USD397M excluding USD37M owners’ costs
• 3.3-year capital pay-back

Production Estimates

• 200koz per year Au production from open pit
• 2.76Moz gold in Mineral Reserves with an average grade of 1.30 g/t Au.
• Reserves support 2.27Moz produced over a 14-year LOM
• LOM metallurgical recovery of 83% from the FS test work
• Average annual production of 200koz for the first 5 years
• LOM strip ratio is low at 4.2:1 and lower for first 5 years
• 5Mtpa processing plant process pla
• The company has a long-term base. Despite having a large resource, it has not really participated in the bull market in gold and precious metals this year. The base is from about CA$0.40-0.75/share. It trades around CA$0.55/share as I write. If it can break above CA$0.75/share I think it can quickly move into the CA$1.00-1.50/share range. 
• nt midway between the two deposits

Technical Chart 

• – David Skarica

Disclosure: Wallstreetwindow.com, is owned by Timingwallstreet, Inc., which is being compensated by a third party (Leadgopher LLC DBA Pinnacle Ad Network) to publish this article. This third party paid Timingwallstreet Inc., $2,200 to produce and disseminate this and other similar articles about Pasofino Gold and send traffic to them through paid advertising campaigns for 30-days from the date of 11/12/2025. This compensation should be viewed as a major conflict with our ability to be unbiased, more specifically: This communication is for entertainment purposes only. Never invest purely based on our communication. For more on trading risks read our policy statement by clicking here. Mike Swanson is the President of Timingwallstreet, Inc. Because Pasifino Gold is a small cap stock with a market cap of less than $100 million he has put himself in a trading blackout on the stock and will not buy or sell a share of it for at least 30-days from the date of this publication date (11/12/2025). David Skarica also owns the stock. He will not sell the stock within 30 days of this writeup.